The Real Deal New York

Unpaid bills stop work at Wade Park, part of Frisco’s $5 billion mile

Atlanta-based Thomas Land & Development is looking for financing. (Credit: back photo by J. P. Fagerback; left photo by ChadPerez49 – both Wikimedia Commons, right photo Pixabay)

Thomas Land & Development’s $2 billion project in Frisco has stalled and construction companies, contractors and suppliers are demanding over $7 million in unpaid bills from the Atlanta-based developer.

The project known as Wade Park is the centerpiece of Frisco’s “$5 billion mile” project along the Dallas North Tollway, which includes the Dallas Cowboys’ new stadium and complex known as The Star, and an office building, Frisco Station, that just completed its first phase of construction.

The 175-acre complex’s history began in 2014 when the developer purchased the property and broke ground on the project later the same year, according to the Dallas Morning News. Wade Park was envisioned to be a mixed-use center with residential, office, hotel, retail and entertainment spaces. Tenants like Whole Foods, Starbucks, iPic Theatre and Langham Hotel & Resort were announced, and then the delays began.

The project’s completion, initially slated for spring 2015, was pushed back to spring 2018, but now work stoppage and unpaid bills are throwing doubt on making the new date.

The city of Frisco, which agreed to provide economic incentives post-completion to the developer, said they were informed financing for the project was stabilizing.

“We spoke to the developer a few weeks ago and were advised the developer was close to completing the financing necessary to move forward with the project,” said the city’s director of communications Dana Baird to Dallas News.